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Rezolv, a renewable energy developer backed by British infrastructure investor Actis, plans to expand its renewable energy portfolio across Central and South-Eastern Europe to between 4 GW and 5 GW by 2030, up from its current pipeline of nearly 2.3 GW. The company is preparing to begin construction later this summer on the 1 GW Dama Solar project in western Romania, expected to become the European Union’s largest solar park upon completion in late 2028. Alongside project development, Rezolv has secured multiple long-term power purchase agreements and government-backed Contracts for Difference support, reflecting its strategy to balance private power sales with public incentives as demand for renewable electricity grows across the region.
Renewable energy developer Rezolv is preparing to commence construction later this summer on the 1 GW Dama Solar project in western Romania, while advancing plans to expand its renewable energy portfolio across Central and South-Eastern Europe to between 4 GW and 5 GW by 2030. The company, backed by British sustainable infrastructure investor Actis, currently has a development portfolio of almost 2.3 GW comprising solar and wind assets across Romania and Bulgaria that are operational, under construction, or in advanced stages of financing.
The Dama Solar project is expected to become both Romania's largest solar development and the biggest solar park within the European Union. Scheduled for completion in late 2028, the project is designed to generate enough electricity to supply approximately 280,000 households. According to Chief Executive Officer Alastair Hammond, the project has entered the late-stage financing phase, with construction expected to begin shortly.
Romania has been expanding its renewable energy capacity as it works towards reducing its dependence on coal-fired power generation while strengthening long-term energy security. The Dama Solar project forms part of this wider transition towards cleaner sources of electricity generation.
Hammond stated that Rezolv remained committed to increasing its installed renewable energy capacity to between 4 GW and 5 GW by the end of the decade. He indicated that the company continues to pursue growth opportunities across Central and South-Eastern Europe through a combination of new solar and wind developments.
Rezolv was established in 2022 with financial backing from Actis and has focused on developing and operating renewable energy projects across the region. Initially, the company intended to secure a significant share of its future electricity generation through long-term power purchase agreements (PPAs) with commercial and industrial consumers. However, the pace of PPA adoption proved slower than anticipated.
According to Hammond, the energy market disruption following the war in Ukraine, together with continuing uncertainty, had made businesses more cautious about committing to long-term electricity purchasing contracts. He noted, however, that interest in such agreements has strengthened as companies increasingly work towards meeting their 2030 decarbonisation targets.
To date, Rezolv has signed seven PPAs with corporate customers, including T-Mobile Czech Republic, Slovak Telekom and Bekaert. In addition to private-sector agreements, the company has also secured significant government-backed revenue support through Romania's Contracts for Difference (CfD) programme.
Rezolv emerged as the largest beneficiary in Romania's green energy auctions funded through European Union-backed low-carbon support schemes. The company secured 971.2 MW under the CfD mechanism from a total of 4.6 GW auctioned. The programme guarantees an agreed electricity price for a period of 15 years, providing developers with greater revenue certainty while supporting continued investment in renewable energy infrastructure.
Source - PTI
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